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Front Page - Friday, April 12, 2019

Homebuyers reveal what they want in their next home

As the residential building industry celebrates national New Homes Month in April, spring home buying season is well underway in the Chattanooga area.

If you’re in the market for a new home, you might be wondering what features are popular for other homebuyers and which elements will make it onto your own must-have list.

A recent survey from the National Association of Home Builders reveals which home features are among the most desirable in 2019. First-time buyers and existing homeowners ranked features based on how essential they are to a home-purchasing decision.

Homebuyers ranked a laundry room and energy-saving features such as Energy Star appliances, windows and whole house certification among the most wanted home features.

More than a third of homebuyers cited a patio, garage storage and exterior lighting as must-haves for homes.

When asked about kitchen features, a walk-in pantry, double sink, table space, central island and granite or natural stone countertops were ranked the most wanted by 75 percent or more of all buyers. Two-thirds of buyers checked stainless steel as their preferred color for appliances.

Are homebuyers interested in unique layouts or more space than they currently have? By a significant margin, homebuyers prefer open layouts.

The amount of space varied across generations. Millennials want more space than they have, while seniors are looking to downsize. Recent trends show the size of new homes has been decreasing since 2016; fewer have four or more bedrooms and three or more bathrooms.

Single-family detached homes have always been the first choice for an overwhelming majority of buyers, while home location preferences varied across generations.

Nearly a quarter of millennials would like to buy a home in a central city are – more than twice the rate of any other generation. However, almost twice as many millennials would prefer to live in the suburbs, a preference shared by a majority of Gen Xers and Boomers. More than 80 percent of seniors prefer the suburbs.

A commitment to energy efficiency continued in 2019 among homebuyers. Buyers are willing to pay extra for a home if it means more savings on utility bills.

In addition to Energy Star items, most wanted energy-conserving features like efficient lighting, triple-pane insulating glass windows and insulation higher than required by code.

Unlike other home preferences, interest in home technologies was strong across all generations. Buyers indicated their interest in technology features designed to enhance the security of their homes.

The top three most wanted technology features are security cameras, a video doorbell and a wireless home system. Homebuyers were divided about the need for technology features to be responsive to voice commands.

Learn about the latest features available in new homes in the Chattanooga area and find a builder who will help you incorporate your favorite elements into a new home at HBAGC.net.